NOL carrybacks have long been a complex tax issue for businesses, and the coronavirus pandemic and CARES Act of 2020 have further complicated the issue, leaving many corporations wondering about the importance of NOL carrybacks and what it means to businesses. The bad news, if there is any, is that the process of NOL carrybacks has now changed again as a result of the CARES Act. The good news is that many can use this new protocol to use their 2020 losses to yield cash refunds.
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